XRP price saw a significant spike on August. 26, meaning in a possible effect from some big traders.
Large XRP transfers, Ripple Swell Global event
Particularly, XRP’s cost leaped 6% to $.37, a 2-week high, noisy . London hrs. The token’s upside move happened hrs after its network processed three massive transfers worth $51 million involving crypto exchanges Bitso and FTX, as highlighted by Whale Alert.
XRP’s gains also came as part of a wider upside move that began on August. 25, each day after Ripple announced its flagship event, “Ripple Swell Global,” to become locked in London in November 2022. The marketplace has seen similar reactions towards the Swell event previously.
Bearish reversal setup in play
XRP’s intraday spike left out a “Graveyard Doji,” a bearish reversal candlepower unit with open, close and occasional prices near one another having a lengthy upper wick. This candlepower unit shows that the cost rally observed at the outset of the session was at a loss for bears through the finish from it.
XRP now trades over 3Percent below its intraday high, testing an assistance confluence. The confluence comprises top of the trendline of XRP’s previous “climbing triangular” (at $.35) and also the 50-4H exponential moving average (50-4H EMA the red wave within the chart above) near $.343.
Theoretically speaking, a rest underneath the support confluence risks re-triggering the climbing triangular setup, using its profit target around $.33. Quite simply, a 7% cost decline by September when measured from August. 26’s cost.
Related: Ripple CTO lashes back at Vitalik Buterin for his dig at XRP
On the other hand, a rebound after testing the support confluence might have XRP eye a recovery rally toward the $.36–$.38 range (marked in red within the chart above). El born area offered as XRP’s consolidation range in recent several weeks.
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